Okeanis Eco Tankers

OET.OL

Marine Shipping · Industrials

Price

kr 605.00

+15.00 (+2.54%)

Market Cap

kr 23.04B

Exchange

Oslo Stock Exchange

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Exceptional

Growth

Good

Cash Flow

Good

Stability

Strong

Valuation

Good

Dividends

Exceptional

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Winston Score History

The full picture

Okeanis Eco Tankers is a shipping company that moves crude oil and refined petroleum products across the ocean for energy companies, oil traders, and refineries around the world. It owns a fleet of large tankers — mainly VLCCs (Very Large Crude Carriers) and Suezmax vessels — built to modern "eco" standards, meaning they burn less fuel than older ships. The company is listed in Oslo and is part of the broader Greek shipping industry, which has a long history of owning and operating tankers globally.

Okeanis earns money by charging customers a daily rate to use its ships, either on short-term spot contracts or longer fixed-rate charters. Its newer, fuel-efficient fleet gives it a cost advantage over competitors running older vessels, and its relatively young ships also meet tightening environmental regulations more easily. The biggest risk the company faces is a drop in global oil demand or a sudden oversupply of tanker capacity, both of which would push freight rates — and profits — sharply lower.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+239.4% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+602.4% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

55.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$223M cash & investments

Quarterly Free Cash Flow

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Okeanis Eco Tankers grew revenue 239% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.6% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 32.4M (2021) → 32.6M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

76.7%

Premium pricing power — 76.7% gross margin

Profit after running costs

Operating Margin

75.0%

Excellent — 75.0% operating margin

Return on the money invested

ROCE

27.5%

Exceptional — 27.5% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+105.2%

Fast-growing sales (+105.2% YoY)

Profit growth

EPS YoY

+412.9%

Earnings growing fast (+412.9% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

90%

Modest — 90% of profit becomes cash

Spare cash per sale

FCF Margin

6.1%

Modest free cash flow (6.1%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.82

Moderate — manageable debt (0.82)

Covers its interest

Interest Cover

10.62x

Comfortably covers interest (10.6x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

6.1x

Attractive valuation — P/E 6.1

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

-4.3

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

7.94%

Healthy income — 7.94% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

+389.1%

Dividend growing fast (389.1% YoY)

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